U.S. Court of Appeals for the First Circuit

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Case Updates

First Circuit addresses primary liability under Section 10(b) for secondary actors

March 29, 2006

The court rejected the defendant’s request for appeal.

U.S. Chamber files amicus brief

January 11, 2006

NCLC urged the First Circuit to reverse the decision below because it contravenes the Supreme Court’s holding in Central Bank of Denver, N.A. v. First Interstate Bank of Denver. Central Bank of Denver held that no civil liability exists for aiding and abetting a violation of Section 10(b) of the Securities and Exchange Act and that such conduct is enforced by the Securities and Exchange Commission alone. Instead, as the NCLC reminded the court in its brief, a factfinder must conclude that the defendant engaged in the prohibited activity itself before assigning liability.

Case Documents